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Utility SwopShop Weekly Market Insights Week Ending 31st July
Gas
The NBP spot contract dropped 3.8% to 141.25 p/therm on Thursday after Qatar’s Al Areesh LNG tanker became the first loaded vessel to sail east through the Strait of Hormuz since 11 July, reducing immediate supply concerns. However, analysts noted that the transit alone did not confirm a full reopening of the shipping route.
Further out on the curve, the Winter 2026 gas contract slipped 3% to 142.14 p/therm, supported by expectations that softer Chinese LNG demand would help improve global LNG supply availability.
Power
The UK spot electricity price jumped 6.7% to £132.17/MWh on Thursday, driven by persistent hot weather across Europe that increased power demand, while weaker wind generation tightened supply conditions.
Further along the forward curve, the UK Winter 2026 power contract declined by 2.3% to £121.15/MWh, following lower prices in the gas and carbon markets.
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